We’ve been warning of this new legislation for months now. The new rules apply from July 1 2016. Don’t ignore this topic as ALL BUSINESSES ARE EXPECTED TO COMPLY and THERE ARE PENALTIES IF YOU DON’T COMPLY! Call us TODAY to become compliant. How do these changes affect you? Employers will now have to comply with SuperStream. This involves changing or updating your current payroll system to meet the new standard, or use the ATO Small business superannuation clearing house. What happens if you don’t comply? Employers who do not adopt the new SuperStream electronic reporting and payment standard by 1 July 2016, will have any superannuation contributions made after this date using the old method returned. As a result these employers could potentially fail to meet their super guarantee payments obligations and become personally liable for the unpaid super, interest penalty and administrative charges.
How does SuperStream change this? The ATO will receive data on which employers are paying their superannuation and is able to compare the data with the wages being reported through the employers BAS. SuperStream provides more transparency to the ATO making it easier to identify and prosecute non-compliant employers.